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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SeaChange International Inc | NASDAQ:SEAC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.88 | 4.47 | 5.07 | 0 | 00:00:00 |
Similar to the previous disclosure, the Amended Asset Sale, which has been approved by SeaChange’s Board of Directors, is subject to various terms and closing conditions, including approval by a majority of the shares of SeaChange’s outstanding common stock. Subject to such closing conditions, the Closing is expected to occur in the first quarter of SeaChange’s fiscal year 2025 (i.e. by the end of April 2024).
SeaChange Special Meeting of Stockholders and Proxy Supplement
As previously disclosed, SeaChange is still holding a special meeting of SeaChange stockholders on April 17, 2024, at 10:00 a.m., Eastern Time (the “Special Meeting”), to consider, among other things, a proposal to approve the Amended Asset Sale pursuant to the Amendment to the Purchase Agreements in conjunction with the Original Purchase Agreements. In addition, the record date has not changed and remains March 18, 2024. On or about March 22, 2024, SeaChange mailed a proxy statement (the “Proxy Statement”) to consider and vote on proposals relating to the Previously Announced Asset Sale. Due to the Amendment to the Purchase Agreements related to the Amended Asset Sale, SeaChange intends to post a proxy supplement (the “Proxy Supplement”) on SeaChange’s corporate website (www.seachange.com) and www.proxyvote.com on or about April 11, 2024 supplementing the Proxy Statement regarding certain material details of the Amended Asset Sale that differ from the Previously Announced Asset Sale. Please carefully read the Proxy Statement and Proxy Supplement along with exhibits attached thereto, but please note that applicable SeaChange stockholders should use the proxy card that was previously sent to them with the Proxy Statement. Also, SeaChange stockholders should please note that Proposal No.1 on the proxy card now refers to the Amended Asset Sale. If SeaChange stockholders have already delivered a properly executed proxy and do not wish to change their vote, they do not need to do anything.
Needham & Company, LLC is acting as exclusive financial advisor to SeaChange in this transaction, and K&L Gates LLP is acting as legal counsel to SeaChange in this transaction.
About SeaChange International, Inc.SeaChange International, Inc. (OTC: SEAC) provides first-class video streaming, linear TV, and video advertising technology for operators, content owners, and broadcasters globally. SeaChange technology enables operators, broadcasters, and content owners to cost- effectively launch and grow premium linear TV and direct-to-consumer streaming services to manage, curate, and monetize their content. SeaChange helps protect existing and develop new and incremental advertising revenues for traditional linear TV and streaming services with its unique advertising technology. SeaChange enjoys a rich heritage of nearly three decades of delivering premium video software solutions to its global customer base.
About Partner One
Partner One is one of the fastest-growing enterprise software groups in the world, with a proven track record of acquiring and growing enterprise software companies. Over 1,200 enterprises and government organizations rely on Partner One software, including 80% of the largest companies in the world. For more information, please visit: PartnerOne.com.
Forward-Looking StatementsThis press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue”, and “potential,” or the negative of these terms, or other comparable terminology, and include statements related the amount of net proceeds SeaChange receives from the transaction, the ability and timing to close the Amended Asset Sale and the timing of the posting of the Proxy Supplement on the Company’s corporate website and www.proxyvote.com. Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties that change over time that could cause actual results to differ materially from those expressed in or implied by such statements. Many of the factors that could cause actual results to differ materially from those expressed in or implied by forward-looking statements are beyond the ability of the Company or Partner One to control or predict. Stockholders and investors should not place undue reliance on any forward-looking statements. Any forward-looking statements speak only as of the date of this press release, and neither SeaChange nor Partner One undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Contact:SeaChange International 1.978.897.0100info@schange.com
Source: SeaChange International, Inc.
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